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Daily market commentary: Gold is steady with no clear direction



FOREX

The mood of investors appears to remain buoyant during early Tuesday trading, with riskier currencies continuing to gain ground against safe-havens following more good vaccine news on Monday with Moderna announcing its inoculation achieved a success rate of 94% with relatively low maintenance requirements for transportation. With increasingly solid hopes that life will return to normal at some point in 2021, investors are favouring riskier currencies which is causing the US dollar, seen for much of this year as one of the go-to safe havens, to decline.

Ricardo Evangelista – Senior Analyst, ActivTrades

daily market analysis

GOLD

Gold is steady with no clear direction. The price has been affected by the general risk on scenario, which has boosted stock markets in the last few days. Investors are betting on riskier assets, reducing or at least not increasing their gold reserves. It is worth pointing out that bullion rebounded on the support level placed at $1,850, remaining in the lateral channel between $1,850 and $2,070 where the price has been dancing for the last 3 months.

Carlo Alberto De Casa – Chief analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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Daily market commentary: Gold is steady with no clear direction

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